Acuant Named the Provider of Identity Verification Solutions for iDentyTech Solutions

LOS ANGELESFeb. 14, 2018  — Acuant, a global provider of identity verification solutions, today announced a partnership with iDentyTech solutions, a leading provider of intuitive identity management hardware and software platforms. Under the agreement, Acuant will be the provider of document validation for the iDentyTech IDT™ platform.

“Acuant’s partnership with iDentyTech allows our customers to use kiosks such as IDT Virtual Guard Tower for capturing identity documents and validating visitors on-site,” said Ephram Yeashoua, CEO of iDentytech. “With our Unified Management Platform, combining multi layers of automated identification technologies, a single guard can manage several entry points into a property or facility, ensuring only authorized people are allowed to enter. As a result, Security administrators can better secure their facilities with a great ROI whilst reducing criminal activity.”

Acuant is trusted around the world to help commercial organizations and government facilities improve and protect their business operations. Its solutions provide critical security, streamline workflows and protect against identity theft and fraud. Acuant’s AssureID patented technology extracts biometric and alphanumeric data contained in an identity document to authenticate it by applying more than 50 forensic document-specific tests and utilizing the industry’s largest document library, supporting over 196 countries.

“With AssureID integrated into iDentyTech solutions, customers can easily manage their facility’s physical security and authenticate IDs,” said Yossi Zekri, CEO of Acuant. “We are excited to partner with iDentyTech to make controlling a site easy and more secure.”

More information about securing your business can be found in Acuant’s new white paper, Protecting Your Business & Establishing Trust: The Importance of Identity Verification and How Businesses Should Choose Solutions.

About Acuant
Acuant has over 20 years of experience providing identity verification solutions to instantly reduce fraud while providing a seamless customer experience. Product offerings include intelligent data capture and auto-fill software, identity document authentication, chip and ePassport authentication with PKI, facial recognition software and expert manual review of documents. Acuant’s human assisted machine learning powers the industry’s largest identity document library covering more than 196 countries.

Solutions meet regulations such as KYC, AML and PII for any industry. Partners include start-ups, Fortune 500 and FTSE 350 organizations. For more information, please visit acuantcorp.com

 

 

 

 

 

Card-not-present Fraud Increases as Consumers Move Online and Mobile

One of the biggest fraud warnings in the US and around the world for 2017 was credit card fraud, particularly card-not-present fraud. In Europe, card-not-present fraud increased from 50% gross loss in 2008 to 70% last year, with most fraud impacting the UK and France. Fraud experts warn this is just the beginning. The research firm Juniper predicted a 71 Billion USD loss globally due to card-not-present fraud over the next 5 years. As history dictates, when technology advances, so do criminals.

Shoppers and businesses were warned that there might be a massive fraud spike during Black Friday weekend. But in an impressive turn against the tide, it looks like US retailers were well prepared to combat fraud this season. Unlike what was initially predicted, credit card fraud dropped for the first time over Black Friday weekend by 29%. After the industry was rocked by huge data breaches from Target and other retailers, it looks like the investments made to boost security paid off.

Technology Is the Problem and the Solution for Retail

This good news for the retail industry might be a temporary reprieve. The transition to EMV chips in credit cards plays a big role in reducing point-of-sale fraud and might account for the drop in fraud during the holiday shopping season. The reality is that fraudsters will continue to follow the consumers.

In the US, m-commerce has been increasing year-over-year. For this holiday shopping season, purchases made on mobile devices were a 36.9% of all sales, and e-commerce was up 17% from last year. As more consumers move to online and mobile shopping, expect to see more card-not-present fraud as well. Public wi-fi can encourage more consumers to use their mobile devices to shop, but all those transactions also create opportunities for hackers to get sensitive information through key-logging, phishing, and other scams. Consumers might feel protected by all the technology they are using and have no idea how just how much risk is actually connected to these conveniences. For example, shoppers in India often have 3 or more shopping apps on their smartphones and almost half of all consumers have been victims of retail fraud.

Retail shopping isn’t the only industry that should be bracing for more card-not-present fraud. The recent data breaches at financial institutions and on sharing economy platforms show that pretty much any kind of online or mobile transaction poses a high risk to consumers and businesses.

Invest in Security Now or Pay a High Cost Later

One effective security measure to protect against card-not-present fraud is to add multi-factor or biometric authentication to tie the transaction to an actual person. Linking transactions to identities can reduce the risk of fraud both at check-out as well as help to lower the amount of customer data that businesses manage and store. This means businesses can protect against fraud while also minimizing the risk of being a target for data breaches.

Investing in customer data protection and keeping transactions secure is essential in creating customer trust and loyalty.  With its high competition and slim margins, the retail industry has learned that it cannot afford to be reactive and was effective in curbing point-of-sale fraud during the peak shopping season. We learned this year that other industries wrongly thought themselves to be immune to hackers. The consequences of major data breaches can last for years and be a crippling cost to many businesses.

As you prepare for 2018, make sure your business is incorporating the best practices for securing customer data and preventing card-not-present fraud. It is more cost-effective to invest in security measures now than to pay a much steeper price later.

 

Acuant Solutions for Customer ID Verification

Fraudsters Want Your ID Information. What Are You Doing to Stop Them?

In 2016, identity theft amounted to $16 billion and affected more than 15.4 million people in the United States. Your identity is arguably your most valuable asset, but how often are you aware of all the ways that you use it to transact? With the lines of physical and digital identity becoming increasingly blurred, it’s more important than ever to safeguard your identity during transactions.

Are you doing enough to ensure you’re keeping your personal information – and your customers’ information – safe from fraudsters?

Click to download the free infographic: Where Does Your Identity Take You in a Day?

Every day, Americans make transactions by swiping, scanning or chip-reading – from grabbing a cup of coffee to purchasing airline tickets. The convenience of these transactions, it seems, trumps concerns of information falling into the wrong hands. But the time has passed for simply hoping our ID information – and our customers’ ID information – will continue to be safe, simply because you’ve seen no evidence it’s been compromised.

Just a Day in the Life for Identity Thieves

Let’s look at a typical day anyone could have to see how easily one can expose their ID information to considerable security risks.

Mobile banking. Shortly after leaving the office, a person decides to check the balance of their checking account. They use the local coffee shop’s free Wi-Fi, because like 67% of Millennials, they use a mobile app to access their banking information. Though on an open network, they tap in their ID, password and perhaps other Know Your Customer (KYC) information, as required by anti-money laundering (AML) regulations. Did a fraudster track their every keystroke?

Click to download the free infographic: Where Does Your Identity Take You in a Day?

Small business transactions. Because this person is now running late to a doctor appointment, they pull out their credit card to engage one of the 1,000 bike-sharing services across the country, a market that is expected to become a $6.1 billion business by 2020. Are the security measures employed by all 1,000 vendors up to par? How does this one rank?

Medical Insurance. At the doctor’s office, they check in at the front desk, making their co-pay with the same credit card and giving their medical insurance card information which is likely photocopied. Like most people, this person is more than likely unaware that 15.4 million medical records were stolen in 2016 alone, and that 301 people across the country were charged roughly $900 billion in false billing.

Remember, Identity Thieves Never Take a Vacation

Although you’re in a rest-and-relaxation mode, you still know not to leave your hotel room unlocked or your wallet on a car seat. If only you could take similar measures to protect your ID information. Here are some common transactions that require ID information on a typical vacation – and some data associated with their risk of security breaches.

Accommodations. The global vacation rental market is poised to be worth $193.89 billion by 2021. Fully 46% of customers check in using hotel loyalty programs, and loyal customers spend on average 67% more than new ones. Front desks and agencies are mostly taking your identity document photocopying it and storing it somewhere; a very insecure data capture method. All this makes vacation rental businesses likely targets for theft of identity information.

Ground transport. Uber reported that 40 million people used the ride-hailing service in 2016. Incidentally, 8,000 ride-hailing service drivers in Massachusetts failed to pass new state background checks in 2017. Similarly, car-rental agencies routinely require a check of ID documents to complete transactions and mostly use the archaic photocopy method of capturing your ID leaving you vulnerable to a paper file floating around.

The More You Know, the Better

Our free infographic, Where Does Your Identity Take You in a Day , illustrates just how important it is to protect your ID information.

Acuant provides businesses with identity proofing solutions for trusted transactions, for more information contact us here.

 

Read the Infographic

How Machine Learning is Taking Identity Proofing Solutions to a Whole New Level

Artificial Intelligence (AI) enables computers to make human-like decisions, creating efficiencies that were previously unachievable. AI powers everyday technologies such as search engines, self-driving cars, and facial recognition apps. This technology is also leveraged for consumer identity access and management to protect consumers and businesses against fraud.

The Growth of ID-based Transactions

Banking, healthcare, government and many other industries employ ID verification and authentication to get accurate information about their customers and prevent ID fraud. As fraudulent transactions continue to rise, the need for a strong, customer-friendly identity proofing solution becomes critical.

Artificial Intelligence, and its subsets of machine learning and deep learning, make it possible to accurately process, verify, and authenticate identities at scale. Machine learning enables solutions to continually improve by learning from their data collection mechanism. This, in turn, informs the operation and performance of the software. For an in-depth look at machine learning and how it applies to your industry, read our latest white paper: Beyond Machine Learning.

Machine Learning for ID Proofing

Machine learning is an extremely efficient tool for discerning between real and fraudulent IDs. Computer software that is constantly learning and correcting itself can process millions of transactions at a rate unachievable by human experts.

However, IDs are physical documents that endure wear and tear, and may feature manufacturing discrepancies. If the model for passing or failing IDs is based on only a few samples, many real IDs will fail the test. This is where human oversight comes into play.

Machines and Humans Working Together for Highest Accuracy

Trained professionals using the software can step in to prevent bad customer experiences when the software flags a legitimate ID because it is damaged or worn.

During the rare instances where the computer fails to identify what is wrong with an ID, the professional can apply their expert eye, determine what error occurred and teach the computer how to spot the issue in the future. This creates a different method of learning where new information is being input to the learning model so the model can improve.

The benefits of machine learning combined with human expertise is the current standard in identity proofing solutions. Businesses want to be able to approve all good customers from the start with no friction. A good ID verification solution will do just that. In addition, when looking for a provider, businesses need to consider scope of expertise. Providers experienced in ID-based transactions across multiple industries help to ensure machines will have a model that has encountered multiple scenarios for failing or passing an ID.

Conclusion

Artificial Intelligence increases customer security and prevents fraud. Identity proofing providers are a trusted source to collect evidence of fraud, and through machine learning, that evidence can be analyzed and applied continuously to ensure higher accuracy.

Acuant is among the world leaders in applying machine learning to identity proofing solutions. Over the past 20 years, Acuant has accumulated the industry’s largest identity document library with government-issued ID documents and passports from over 190 countries. Acuant technology also has the ability to read characters in almost any language to ensure business are providing the most customer-friendly experience to instantly approve more good customers.

To join Acuant’s group of industry-leading partners, talk to an ID Solutions Specialist today.

 

Beyond Machine Learning

Stranger Danger: Why You Should Care About Verifying Identities in the Age of the Sharing Economy

The Sharing Economy, which in broad terms is defined as an economic system in which assets or services are shared between individuals via the internet and especially mobile apps, has become a major way in which Millennials transact. This includes conducting transactions for business, travel, on-demand services and virtually all lifestyle-type offerings for goods and services. According to Pew Research, about 72% of Americans have tried at least one platform or service.

While the rise of sharing economy apps appears to have made many luxury services and chores more convenient and accessible, there is the question of security. Not every app emphasizes security and privacy. Many use social media as a way to verify users. These are merely connected to a Facebook or other social profile, which can be easily faked. Then there is the question of employee verification. With so many services that allow users to invite providers into their private homes, a private car or a private location – one has to ask the question, how is my safety being addressed? We need only refer to Uber to see how instances of assaults by drivers and passengers have made customers, especially women, warier of these services. And we have all heard a crazy story about an Airbnb person who would not leave or destroyed the house. Wouldn’t it bring some peace of mind to know your driver, houseguest, online date, make-up artist etc., has been verified and that you know this before they enter your life?

Seeing a picture and name of your driver or delivery person does not mean necessarily that this person has been verified. Not every sharing economy platform conducts background checks and only in the last few years has ID verification become more of a concern to even the major platforms like the aforementioned Uber who now continuously verifies driver identities.

It is important for businesses to continually update their security by verifying IDs and conducting background checks. In addition, educating customers about best practices will also help to protect privacy and prevent a negative experience.

While companies catch up on their security standards, here are some tips for customers using apps and services:

  1. Learn to Spot Fake Reviews

Don’t be fooled by stellar reviews. If there are only a handful of 5-star reviews, these could have been written by personal friends. Pick someone with hundreds of good reviews and be assured that this provider is giving a consistent, positive experience.

  1. Research Company Methods of ID Verification the Background Checks

Before using any service, do some research about what kind of identity verification they use for employees and users, as well as if background checks are conducted, general policies, and whether there are outstanding lawsuits against the company. Checks such as sex offender registries, DMV records, or taking social security number information are some basic tests of a trusted service.

  1. Change your Profile Pictures

As Sharing Economy platforms become more popular, they often become targets of ID theft and confidence schemes. A good way to avoid being conned is to use a new photo not attached to any other platform that might contain personal information such as LinkedIn or even Facebook.

  1. Think Before You Speak

Don’t talk to strangers about your plans. A handyman, housekeeper, or driver from an app doesn’t need to know where you’re going or how long you’ll be away. In addition, it might be a good idea to let close friends or family know whenever you are on the road, in someone else’s home, or have someone in your own home.

 

Sharing economy platforms and services must do more to protect customer privacy and security. Verifying IDs is a crucial step in establishing trust between customers and providers. Acuant’s ID Proofing Solutions allow businesses to capture accurate ID data, ensure IDs are valid and verify identities in seconds for secure mobile transactions.

Download our idScanGo mobile app in the app store for iOS and Android to see the process in action with your own ID and insurance card.

 

 

idscango trial

Acuant Reports YOY Revenue and Profitability at Record Highs Since AssureTec Acquisition

SaaS revenue grows more than 90%, led by Machine Learning Powered ID Verification Product Offerings

LOS ANGELESSept. 12, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and ID authentication solutions, announced record revenue and profitability, powering more than one billion partner transactions worldwide since its acquisition of AssureTec in June 2016, monthly processing ID’s from all 50 US States, all Canadian Provinces and from 196 countries. SaaS revenue increased in excess of 90% this past year, which has helped achieve almost a doubling of its respective percent of overall business.

“Post a successful integration of AssureTec, we continue to focus on empowering businesses and consumers in today’s digital economy to transact with trust, and together with our growing base of partners to introduce faster, more secure and more user-friendly identity verification solutions,” said Yossi Zekri, CEO of Acuant.

With three intelligent engineering centers located in CaliforniaNew Hampshire and Israel, Acuant offers flexible and scalable solutions for image processing and authentication on cloud and mobile platforms. Adding FRM, biometric facial recognition match with image spoofing detection, and DocX, real time manual identity document review, to further expand its AssureID product continuum, Acuant provides the highest level of accuracy for identity proofing that allows businesses to validate more good customers, creating trust and loyalty, while preventing fraudulent transactions. In today’s world of prevalent data breaches, Acuant offers ID verification products that allow institutions to establish trusted identities without needing to access compromised data and without hassle to customers.

Powered by machine learning, AssureID is approaching 150 million transactions annually and is positioned to grow that number aggressively with mobile, cloud and on-premise solutions, while AcuFill, the company’s extraction and data fill product line, is closing in on 40 million transactions every month.

Since the acquisition, Acuant’s core authentication business has grown to include 20 large government deployments and they have added more than 50 partners which range from large systems integrators to spot solutions designed for industries such as financial services, healthcare and the sharing economy.

Stephen Maloney, Acuant’s EVP Business Development and Strategy, states, “Moving forward, our product continuum will further embrace the convergence of physical and digital identity especially as it relates to identity proofing, and continue to transform our industry.”

About Acuant

Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

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PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com